Economy
Company Tax Revenue Slumps 31% to N1.37tn Amid Tough Business Environment
By Adedapo Adesanya
The revenue from company income tax (CIT) fell by 31.05 per cent in the last year, according to the latest data by the National Bureau of Statistics (NBS), in its first quarter (Q1) CIT report, amid an increasingly difficult operating environment for businesses in the country.
The data showed that revenue from CIT plunged to N1.37 trillion from N1.98 trillion generated in Q1 2025.
On a quarter-on-quarter basis, it also fell by 8.08 per cent from N1.49 trillion realised in Q4 2025.
The report also showed that revenue from value-added tax (VAT) rose to N2.42 trillion, an increase of 17.06 per cent from N2.06 trillion recorded in Q1 2025.
On a quarter-on-quarter basis, it also increased by 9.98 per cent from N2.2 trillion recorded in Q4 2025.
The stats office reported that domestic CIT contributed N538.91 billion, while foreign CIT payment accounted for N828.82 billion during the quarter.
In terms of sectoral shares, the activities with the largest shares were financial and insurance activities with 24.73 per cent, mining and quarrying with 16.06 per cent, and manufacturing trailed with 13.82 per cent.
Revenue from CIT has been fluctuating in recent times owing to the harsh economic environment that has seen businesses either scaling down their operations, relocating from the country or shutting down completely.
In Q4 2025, CIT revenue stood at N1.49 trillion, representing a decrease of 49.81 per cent on a quarter-on-quarter basis from N2.96 trillion recorded in Q3.
Although CIT recorded a growth in Q3 2025 with a marginal growth of 6.55 per cent, hitting N2.96 trillion above the N2.78 trillion received in Q2 2025, the expansion was driven by foreign payments, which contributed N1.75 trillion, while domestic CIT was N1.21 trillion.
Nigerian business continue to face a whammy of challenges despite bold steps to reform the economy under the Bola Tinubu-led administration. Despite the statistical improvements, many Nigerian businesses have yet to fully benefit from the reforms due to rises in operational costs.
Recently, the Manufacturers Association of Nigeria (MAN) raised concerns that the rising operational burden also contributed to significant job losses across the sector, with over 18,900 jobs affected during the review period.
The liberalisation of the foreign exchange market also produced mixed outcomes for manufacturers. While the unification of exchange rate windows sought to improve transparency and eliminate market distortions, the rapid depreciation of the Naira sharply increased the cost of imported industrial inputs.
The exchange rate moved from about N463 to the Dollar in June 2023 to N899 by December 2023 to around N1,600/$1 before moderating to around N1,363/$1.
By Aduragbemi Omiyale
FGN bonds worth N1.1 trillion would be offered for sale to investors by the Debt Management Office (DMO) today, Monday, August 17, 2026.
The debt instruments would be sold through a primary market auction in three tenors: 10, 15, and 20 years. They are all re-opening notes, meaning they have been issued before and do not have the full term.
According to a circular from the debt office,
Business Post reports that the DMO is selling N250 billion worth of the 10-year note with a coupon of 22.60 per cent, while the N750 billion worth of the 15-year paper with a coupon of 15.45 per cent is to be auctioned, and N100 billion worth of the 20-year instrument with a coupon of 16.2499 per cent is on sale today.
To subscribe to the bonds, investors are required to pay N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter. The notes can be purchased through primary dealer market makers, which are the main commercial banks and others.
It was stated that successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument because the papers are reopening, as their coupons (interest) are already set.
Bondholders will receive their interest payment twice a year, with the bullet repayment on the maturity date.
The FGN bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities for tax exemption and can be used as liquid assets for liquidity ratio calculation for banks.
After the exercise today, the bond will be listed on the Nigerian Exchange (NGX) Limited and the FMDQ Securities Exchange to allow for trading in the secondary market, where it can be liquidated before maturity.
The FGN bonds are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of Nigeria.
By Aduragbemi Omiyale
Analysts at Coronation Asset Management have predicted that the July 2026 inflation rate should come at 15.80 per cent, lower than the 15.91 per cent recorded in June 2026.
The National Bureau of Statistics (NBS) is expected to release the actual rate today, Monday, August 17.
Coronation explained that it projected a pullback in the rate because of “three primary forces: a fresh energy price shock stemming from renewed Strait of Hormuz hostilities and a domestic refinery pricing disruption, seasonal harvest-related relief on food prices, and continued relative exchange rate stability.”
The organisation noted that the disinflation trend in the first half of the year remained last month, with the fuel price shock denting the pace of improvement rather than reversing it.
Regarding energy prices, Coronation reported that prices were stable in July, although this coincided with Dangote Refinery’s brief switch to dollar-denominated PMS pricing between July 13 and 22, which sharply reset ex-depot prices higher before naira-based sales resumed at N1,215 per litre following government intervention.
As for the exchange rate, it was also stable last month between N1,362/$1 and N1,383/$1 at the official market.
However, Coronation stressed that the month-on-month inflation may stay marginally firmer into August as the fuel price shock continues to pass through transport, logistics and services pricing, before the year-on-year rate resumes a steadier easing bias in September–October, conditional on Hormuz tensions not escalating further and Dangote Refinery maintaining naira-based pricing.
But it warned that a renewed dollar-pricing episode or a sustained Brent move above $95 per barrel would risk pushing the year-on-year print back toward 16.5 per cent to 17.0 per cent, while a durable de-escalation could see it drift toward 15.0 per cent to 15.3 per cent by October.
“For policy determination, this reinforces our view that the resumption of MPC rate cuts is unlikely before Q4 2026 at the earliest. The MPR has held at 26.50 per cent since February, and we expect the committee to maintain that stance through its next meeting, with any easing conditional on both core inflation turning over and energy-driven cost pressures visibly fading.
“We continue to favour the front end of the curve (1Y T-Bills) over 5–10-year bond instruments, where investors positioning for an early start to a sustained easing cycle may need to defer that thesis further,” their analysts stated.
By Adedapo Adesanya
Cameroon have won their first CAF Women’s Africa Cup of Nations (WAFCON) with a 3-0 victory over tournament debutant Malawi on Sunday evening at the Moulay El Hassan Stadium in Rabat, Morocco.
A brace from Marie Ngah Manga and a goal from Naomi Eto, all scored in the first half, secured the Indomitable Lionesses of Cameroon’s first continental trophy. They previously made the WAFCON final in 2004, 2014 and 2016, but lost all three to Nigeria.
As a result of the win, Cameroon will receive $2 million in prize money from the Confederation of African Football (CAF), double the prize pot from the 2025 WAFCON. Malawi will receive $750,000 as finalists.
Cameroon becomes the fourth nation to win the tournament alongside Nigeria, which has won it a record 10 times, Equatorial Guinea twice, and South Africa once.
The final was a thumping victory for the Lionesses despite expectations of a dual Malawian threat of Chawinga sisters Temwa and Tabitha. The Scorchers were unable to match Cameroon’s technical precision in the midfield nor their tenacity in front of goal.
The victory is also inspiring as Cameroon did not initially qualify for the tournament but was admitted last November as the result of a spontaneous decision by CAF to expand the WAFCON format from 12 teams to 16 for the first time. Mali, Ivory Coast and Egypt were also admitted by the expansion due to their high rankings by the Federation of International Football Association (FIFA).
The tournament was a shining light for goalkeeper Michaely Bihina as the 22-year-old Benfica product proved instrumental in Cameroon’s eventual triumph in Morocco. In the quarter-finals against Nigeria, she denied the Super Falcons the chance to equalise, while against Morocco in the WAFCON semifinals, she was solid between the sticks — saving a penalty in full time and then going on to be superb in a shootout against host Morocco.
Cameroon will be joined by Malawi, Algeria, and Morocco as Africa’s representatives at the 2027 FIFA Women’s World Cup in Brazil. Ghana and South Africa have also qualified for the international play-offs.
